‘Working on a financing strategy for developing nations’: India’s COP26 president

COP26 President Alok Sharma stated that he has asked the Indian government to consider raising ambitions in emission reduction targets and that a delivery plan on finance for developing countries is being put in place ahead of the conference in Glasgow later this year.

0
‘Working on a financing strategy for developing nations’: India's COP26 president

On the final day of his three-day visit to India, COP26 President Alok Sharma stated that he has asked the Indian government to consider raising ambitions in emission reduction targets and that a delivery plan on finance for developing countries is being put in place ahead of the conference in Glasgow later this year.

On his second visit to India this year, the President of the 26th UN Climate Change Conference of the Parties (COP26) met for the first time with new environment minister Bhupender Yadav, as well as power minister RK Singh, commerce and industry minister Piyush Goyal, and finance minister Nirmala Sitharaman. He stated that he has informed the ministers that a delivery strategy is being developed.

The Indian government has so far avoided raising aspirations ahead of the COP26 this year, preferring to achieve already established ambitions and targets while stating numerous times that it will consider raising ambitions during the review process in 2023.

“I have reiterated the consistent ask that I have had with all countries – firstly in terms of emission reduction targets, so more ambitious NDCs for 2030, net-zero targets for mid-century and had a discussion around finance. It’s become very important to reiterate that delivering on that 100 billion (dollars) a year has become a matter of trust for developing countries and we are pushing forward in putting together a delivery plan on finance, which is one of the conclusions that came out of the July ministerial meeting,” said Sharma, addressing a media round table at the residence of the British High Commissioner.

“At COP26, we will also have to initiate discussions on post-2025 financing,” said Sharma, adding that to mobilize trillions of dollars, which will be required to create climate-resilient structures around the world, will require heavy investment from the private sector.

“The recent IPCC report represents a flashing red on the climate emergency dashboard. But, the report also said that the door is still open on keeping global temperature rises to 1.5 degrees, but we need to act now.”

Sharma also said that Glasgow was the world’s last chance at keeping the temperature rise at 1.5 degrees.

“I’ve seen myself as a champion for developing countries. I have visited many developing nations who are on the frontline of climate change, and of course, the world is responsible for the issues that they face right now,” he said.

Sharma stated that he has been encouraged by the discussions he has had with India so far, and that “India is already on course to exceed the existing NDCs.” One of the requests I have for all nations is that they seek aggressive NDCs ahead of the COP. According to the G20 statement, all G20 governments have committed to submitting more aggressive 2030 NDCs ahead of COP26. In that vein, I would like India to examine whether, in any updated or more ambitious NDCs, the overachievement that has been delivered, as well as the extremely ambitious goals of 450 GW on renewables, are taken into consideration.

The Prime Minister’s address on Independence Day is quite promising. And I believe it articulated a really clear view of the subject of climate change. On my last visit, I had the opportunity to see the Prime Minister, and it was quite apparent that the subject of climate, biodiversity, and nature – is something that he feels very passionately about,” he said, adding that the UK hopes to see Prime Minister Modi in Glasgow.

Despite the fact that the UK and India are already working in areas such as renewables, Sharma stated that the two nations were also looking into hydrogen and storage as potential areas of partnership. Sharma stated that one of the reasons he was visiting India twice this year was because India was crucial for the world in reaching climate objectives, particularly as “one of the great economies.”

Sharma has also spoken about accelerating the transition from coal to clean energy, claiming that the UK has reduced coal significantly in their electricity mix and will be down to zero by 2024, by constructing the world’s largest offshore wind sector by encouraging private sector investment and ensuring that the private sector received a return.

“Asking nations to establish net-zero commitments is essential because it sends a signal to industry,” he said, adding that when the UK took over the COP26 Presidency, a net-zero objective covered less than 30 percent of the global economy, which has since increased to 70 percent.

(News – The Indian Express)

Summary
Article Name
‘Working on a financing strategy for developing nations’: India's COP26 president
Description
COP26 President Alok Sharma stated that he has asked the Indian government to consider raising ambitions in emission reduction targets and that a delivery plan on finance for developing countries is being put in place ahead of the conference in Glasgow later this year.
Author
Publisher Name
THE POLICY TIMES
Publisher Logo